Allied World Assurance Company Holdings, AG and Markel International announced that they have entered into an agreement for Allied to acquire the renewal rights to a book of aviation business written by Lloyd’s Syndicate 1400 and Markel Europe plc.
The bulletin said the business “encompasses airline, aerospace and general aviation classes. In addition, the former Markel underwriting team led by Olivier Marre has joined Allied World Europe, ensuring continuity of service and coverage to clients and brokers. Markel acquired the aviation book of business in May this year as part of its acquisition of Alterra Capital. Required regulatory approvals for this transaction have been received from the Central Bank of Ireland and Lloyd’s.”
Allied World Europe’s president, Julian James, commented: “We are delighted to secure such a high caliber team of individuals. By expanding into this market, we are taking another step in the strategy of building out our European business in areas where we believe we can make a meaningful impact. Having underwritten the quota share for the entire account through our Bermuda operation, we have knowledge and experience of the class, and with Olivier and his team’s impressive track record, I am confident that we can continue to build on the team’s previous success.”
Markel International’s COO William Stovin said: “This is a good deal for all of us which allows Markel to focus on its core lines of business while Olivier and his team can continue to look after a book of business it knows well.”
Olivier Marre, added, “I am pleased that our underwriting team has joined Allied World. We have spent considerable time managing this handover and I am confident that there will be a seamless transition for our clients during this process. The aviation market remains a challenging environment and continuing to implement our underwriting discipline will be a critical factor to our success.”
Source: Allied World Assurance Company Holdings, AG